This Week's Dallas-Fort Worth Deals
Quadrant Investment Properties acquired the 22-story 273k SF Saint Paul Place at the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District.
The building—the seventh acquisition for QIP—is 78% leased. QIP plans to implement several improvements, including lobby amenity upgrades as well as a tenant conference center and lounge that will include a balcony overlooking the Dallas Museum of Arts sculpture garden. The new ownership will also upgrade numerous corridors and implement a building‐wide spec suite program. CBRE’s Celeste Fowden, Seth Thatcher and Ben Davis will lease the project. HFF repped the seller. JLL procured financing.
LEASES
Highland Homes expanded its lease by 5k SF to 39k SF at 5601 Democracy Dr in Plano from KBS Realty Advisors. Highland Homes builds homes in the Austin, DFW, Houston and San Antonio regions. JLL’s Blake Shipley and Jeff Eckert repped KBS. CBRE’s Scott Hobbs repped the tenant.
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Muntech Products leased 10k SF at 6025 Commerce Dr in Irving. Hudson Peters Commercial’s Michelle Hudson and Cincha Kostman repped the landlord, Gateway South Investors.
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Assure Fertility Partners of Dallas leased 14k SF at 16415 Addison Rd in Addison from Aque Investment Group. Bradford’s Richmond Collinsworth, Clint Manning and Ed Pachecano repped the landlord. Townsend Interests’ Michael Townsend repped the tenant.
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An undisclosed tenant inked a 15k SF lease at 1235 Josey Lane in Carrollton from Carrollton Park II. Hudson Peters Commercial’s Elizabeth Ocando repped the landlord.
PURCHASES
Emmanuel Holdings purchased 10 acres at 101 N Shiloh Rd in Garland from Valley View Land Partnership. Stream’s Matthew Dornak and Ryan Wolcott repped the seller. Robert C. Murray Realty repped the buyer.
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Advalurem Group completed a follow-on preferred equity investment in Bella Madera at Lake Lewisville in Lewisville. The 612-unit Class-A garden-style apartment community was acquired in a JV equity investment with partner BRES in 2013. At the time of acquisition, the partnership assumed an existing low-leverage first mortgage loan and secured preferred equity financing from a financial institution. At the current market value of $66M, the venture refinanced the property concurrently with a recapitalization of the partnership. As part of the recapitalization, Advalurem Group funded the balance necessary to fully pay off the financial institution in the form of preferred equity.
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Gigantic Color purchased RIG Properties' 44k SF property at 415 Regal Row. Stream’s Hanes Chatham repped the seller, RIG Properties.
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An undisclosed buyer acquired Gateway Cedars, a new 334-unit Class-A property along Highway 80 in Forney from Gateway Holdings. The 14-acre property is the first phase of apartments to be built in the over 2,000-acre master planned Gateway development. ARA Newmark vice chairman Brian O’Boyle Sr., executive managing directors Brian Murphy and Brian O’Boyle Jr., director Richard Furr and senior managing director Bart Wickard repped the seller.
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Transwestern’s investment services group sold Plano Parkway Business Center in Plano to SVN/Trinity Advisors. The 113k SF property at 2701 W Plano Pkwy was built in 1998. Transwestern’s Steve Simon, Steve Rowland, Henry Knapek and Justin Miller repped the seller, Transwestern Investment Management/State Farm. Steve Fithian repped the buyer.
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Transwestern’s Thomas Clarke sold 8.34 acres at 1704 S I-45 in Hutchins to Bradcorp Land Holdings. The seller was PCB Properties.
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CheckerProp Acquisitions purchased an 81k SF property from Tamarack Associates at 700 106th St in Arlington. Stream’s Luke Davis and Matthew Dornak repped the seller. Stream’s Eric Crutchfield repped the buyer.
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Emmanuel Holdings purchased 10 acres from Valley View Land Partnership at 101 N Shiloh Rd in Garland. Stream's Matthew Dornak and Ryan Wolcott repped the seller. Robert C. Murray Realty represented the buyer.
THIS & THAT
Lee & Associates participated in the Meals that Heal program at the Dallas Ronald McDonald House last week. The program was designed to provide three home-cooked meals daily for families visiting the house. The Ronald McDonald House is a nationwide nonprofit that provides a temporary home for families whose children are receiving medical treatment for a serious illness or injury.
NEW PROJECTS
Hunt Southwest Real Estate Development acquired a 17-acre site in the Riverbend West Business Park in northeast Fort Worth with plans to develop a 302k SF spec warehouse and distribution facility. Construction (at 2101 Reeves Place) will start immediately with completion expected in Q3. Hunt Southwest has selected Holt Lunsford Commercial’s Donnie Rohde, Chance Olin and George Jennings to lease the property.
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Westdale, in collaboration with The Retail Connection, Droese Raney Architecture and C1S Construction, started the redevelopment of 2800 Deep Ellum. The 38k SF redevelopment features public pedestrian access ways connecting Main and Elm streets, two rooftop decks, and a creatively lighted and landscaped central courtyard surrounded by retail tenants. Space will be delivered to tenants in mid-summer with most tenants moving in Q4.
